[2019-08-04] Multiple Metrics Make The Bullish Case For Bitcoin

Schirer

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Quote from: BitHodler on August 04, 2019, 04:47:07 PM

I think that we have seen so far is a classic example of how markets tend to do the opposite of what people expect to happen. From initially super bullish we went to bearish and right now we're going towards bullish again.

Strangely but it does seem to be true in a lot of cases, could be explained by manipulation - when people are bullish, they take a lot of long positions, which can be " made in to money" by taking short positions and then selling assets on open market. This would need to have other circumstances as relatively little buy orders at the time.

hatshepsut93

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Quote from: Slow death on August 13, 2019, 08:29:22 AM

Something interesting about this is that every time they do these price analyzes, they never get their price predictions right. When the price was $ 3300 they said the fund was $1000, so people shouldn't buy it because the price would go down a lot... now they predicted that the price would fall to $7500 and the price increased to $12000 and then dropped to $11300. so these predictions always fail

If you are into tinfoils, this can be explained as giving the wrong advice intentionally so they themselves can profit. They were predicting $1,000 so that they themselves can keep accumulating coins while the retail investors stay away. Similarly, they still want to buy coins now so they again say that it will drop further.

But there's always a simpler explanation that some analysts are just bad at their job, or maybe we are cherrypicking their failures.

Slow death

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Quote from: CryptoBry on August 04, 2019, 12:47:30 PM

Investors will have noticed that Bitcoin formed a double bottom around $9,100 and some believe that the expectation that Bitcoin will drop to $7,500–$8,500 will be a non-event as larger hands will front run a trend reversal from $9,000.

Something interesting about this is that every time they do these price analyzes, they never get their price predictions right. When the price was $ 3300 they said the fund was $1000, so people shouldn't buy it because the price would go down a lot... now they predicted that the price would fall to $7500 and the price increased to $12000 and then dropped to $11300. so these predictions always fail

we will see how we will end this month

BitHodler

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Quote from: Kemarit on August 11, 2019, 04:51:10 PM

So this is just a sort of mini-bull so everyone shouldn't get excited by this news. It's just simply supply and demand that really pushes the price as people are continuing to accumulate in preparation of the real bull-run in 2020.

I wouldn't call going from $3k to $14k a mini bull run. People are so used to 2017's bull run that they benchmark every single increase against that bull run and from there assume there is much more to gain from here.

There is no bull run standard as to how much % it has to go up. We might be heading towards another one year bear market now, it's definitely possible. It's not something I expect to happen, but I'm definitely not discarding that outcome.

People need to put their bias aside for a moment and put their rational investor cap on. There are just as many bearish scenarios to point at as there are bullish scenarios. Always be ready for the unexpected.

adeandro

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Honestly, I expect from bullish something more than $11,000 that we have now. It is unlikely that before the end of this year something will change

Kemarit

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Quote from: coolcoinz on August 10, 2019, 01:35:43 PM

Quote from: pjcaruci on August 08, 2019, 06:34:00 AM

Quote from: BitHodler on August 04, 2019, 04:47:07 PM

Another weekly bullish close will make me a bit more confident about the current price action, but the first step is almost set. After what happened last year I can't be conservative enough with how ugly things can become fast.

The bull is not ready to leave the corral yet. But I think before the end of the year he will show what he is capable of.

I also see it this way. People are excited by this short bull run from 6 to 14k that we have witnessed, but it's nothing. It's more like that small run we had in 2013 before the big one came in Winter. When the real bull run comes we can expect the price to double the previous ATH. It's also worth noting that these big "bubble runs" are becoming weaker. In fact, the volume is decreasing as more people hold and less coins is available for trading. You can look it up on the charts.

Nice that you brought up the volume, because I was quite surprised to see it weak at this point although we have a good run and the price continues to hover around $11500-$11900. In a bull-run the volumes should be up not going sideways.

So this is just a sort of mini-bull so everyone shouldn't get excited by this news. It's just simply supply and demand that really pushes the price as people are continuing to accumulate in preparation of the real bull-run in 2020.

coolcoinz

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Quote from: pjcaruci on August 08, 2019, 06:34:00 AM

Quote from: BitHodler on August 04, 2019, 04:47:07 PM

Another weekly bullish close will make me a bit more confident about the current price action, but the first step is almost set. After what happened last year I can't be conservative enough with how ugly things can become fast.

The bull is not ready to leave the corral yet. But I think before the end of the year he will show what he is capable of.

I also see it this way. People are excited by this short bull run from 6 to 14k that we have witnessed, but it's nothing. It's more like that small run we had in 2013 before the big one came in Winter. When the real bull run comes we can expect the price to double the previous ATH. It's also worth noting that these big "bubble runs" are becoming weaker. In fact, the volume is decreasing as more people hold and less coins is available for trading. You can look it up on the charts.

pjcaruci

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Quote from: BitHodler on August 04, 2019, 04:47:07 PM

Another weekly bullish close will make me a bit more confident about the current price action, but the first step is almost set. After what happened last year I can't be conservative enough with how ugly things can become fast.

The bull is not ready to leave the corral yet. But I think before the end of the year he will show what he is capable of.

BitHodler

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Activity: 1526

Merit: 1179

I think that we have seen so far is a classic example of how markets tend to do the opposite of what people expect to happen. From initially super bullish we went to bearish and right now we're going towards bullish again.

I still think that we might be due for some more downwards action, but this current move admittedly looks very bullish on a more technical level-- we're not far away from a bullish weekly close.

Another weekly bullish close will make me a bit more confident about the current price action, but the first step is almost set. After what happened last year I can't be conservative enough with how ugly things can become fast.

CryptoBry

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Bitcoin (BTC) remains bullish and a multitude of metrics support this claim. Is this a trend reversal?

Over the past week investors’ short-term sentiments about Bitcoin’s prospects appear to have improved. While last week’s market update made the case for why top investors and analysts are overwhelmingly bullish on Bitcoin’s predicted long-term price action, the fall from $13,800 to $9,100 did shake retail investors' confidence for the short term.

Prior resistance levels that were obliterated throughout Bitcoin’s ascension from $4,000 to $13,800 proved to be weak support and many investors expected Bitcoin to drop to $8,500–$7,500 before reversing course.

Investors will have noticed that Bitcoin formed a double bottom around $9,100 and some believe that the expectation that Bitcoin will drop to $7,500–$8,500 will be a non-event as larger hands will front run a trend reversal from $9,000.

Read More: here.

Topic: [2019-08-04] Multiple Metrics Make The Bullish Case For Bitcoin (Read 139 times)